Arcellx, Inc. (NASDAQ:ACLX) Receives Consensus Recommendation of “Buy” from Analysts

Arcellx, Inc. (NASDAQ:ACLX) has earned a consensus recommendation of “Buy” from the fifteen research firms that are presently covering the firm, Marketbeat Ratings reports. Fourteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $78.00.

A number of equities research analysts have commented on ACLX shares. Cantor Fitzgerald reissued an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Needham & Company LLC reissued a “buy” rating and issued a $81.00 target price on shares of Arcellx in a report on Friday, August 9th. Canaccord Genuity Group reissued a “buy” rating and issued a $85.00 target price on shares of Arcellx in a report on Monday, July 22nd. Finally, Truist Financial reissued a “buy” rating and issued a $87.00 target price on shares of Arcellx in a report on Tuesday, June 18th.

Arcellx Price Performance

Shares of NASDAQ ACLX opened at $76.20 on Friday. The stock has a fifty day moving average price of $69.46 and a 200 day moving average price of $61.40. Arcellx has a 1-year low of $30.88 and a 1-year high of $88.66. The company has a market cap of $4.08 billion, a PE ratio of -73.98 and a beta of 0.25.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share for the quarter, topping the consensus estimate of ($0.52) by $0.01. Arcellx had a negative return on equity of 12.42% and a negative net margin of 37.23%. The firm had revenue of $27.38 million during the quarter, compared to the consensus estimate of $22.04 million. Arcellx’s quarterly revenue was up 91.5% on a year-over-year basis. Analysts anticipate that Arcellx will post -1.65 earnings per share for the current fiscal year.

Insider Transactions at Arcellx

In related news, CFO Michelle Gilson sold 15,000 shares of Arcellx stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the completion of the sale, the chief financial officer now owns 6,915 shares in the company, valued at approximately $537,502.95. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CFO Michelle Gilson sold 15,000 shares of Arcellx stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the completion of the sale, the chief financial officer now owns 6,915 shares in the company, valued at approximately $537,502.95. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Christopher Heery sold 3,671 shares of Arcellx stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $60.01, for a total value of $220,296.71. Following the sale, the insider now owns 9,278 shares of the company’s stock, valued at approximately $556,772.78. The disclosure for this sale can be found here. Insiders sold 86,628 shares of company stock valued at $6,009,342 in the last 90 days. 6.24% of the stock is currently owned by insiders.

Institutional Trading of Arcellx

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ACLX. Quest Partners LLC purchased a new stake in Arcellx in the 2nd quarter valued at about $27,000. Plato Investment Management Ltd purchased a new stake in Arcellx in the 1st quarter valued at about $51,000. Decheng Capital LLC purchased a new stake in Arcellx in the 2nd quarter valued at about $65,000. National Bank of Canada FI grew its holdings in Arcellx by 50.0% in the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after buying an additional 500 shares during the period. Finally, Public Employees Retirement Association of Colorado purchased a new stake in Arcellx in the 2nd quarter valued at about $178,000. Hedge funds and other institutional investors own 96.03% of the company’s stock.

About Arcellx

Arcellx, Inc, together with its subsidiary, engages in the development of various immunotherapies for patients with cancer and other incurable diseases in the United States. The company's lead ddCAR product candidate is anitocabtagene autoleucel, which is in phase 2 clinical trial for the treatment of patients with relapsed or refractory multiple myeloma (rrMM).